3rd October, 2024
Choosing the right technology for your small business can feel like navigating a maze.
With so many options available, it’s easy to get overwhelmed by the sheer number of choices.
However, selecting the right hardware and software is crucial to ensure your business runs smoothly, stays competitive, and is prepared for growth.
In this guide, we’ll walk you through how to make smart tech decisions tailored to your specific business needs.
The first step in choosing the right technology is to understand your business’s core functions and identify any pain points.
What are the critical tasks that keep your business running daily? Are there any bottlenecks or inefficiencies that technology could help alleviate?
For example, if you’re looking for a way to manage all your operations in one place, including accounting, cashflow, payroll, and employee management, then a business management platform might be a good investment.
If managing finances is your biggest challenge, then accounting software should be at the top of your list.
“Small business owners can get caught up in the latest tech trends without first assessing what their business truly needs,” Hayden Williams, Segment Product Manager at MYOB, says.
“We recommend starting with a clear understanding of your operational challenges and goals. This way, you can choose tech solutions that directly address those areas and deliver real value.”
Technology can be a significant investment, so it’s essential to strike a balance between cost and performance. Determine your budget early on and prioritise spending on the technology that will have the most impact on your business.
While it might be tempting to opt for the cheapest solutions, remember that cutting corners can lead to higher costs in the long run if the technology doesn’t meet your needs or needs frequent replacement.
“Budget is always a major consideration for SMEs,” Hayden says.
“It’s important to remember that investing in the right technology now can save money and headaches down the road.”
Once you’ve identified your needs and set a budget, it’s time to consider the hardware that will support your operations.
Depending on your business, this might include:
When selecting hardware, consider not only the upfront costs but also the long-term maintenance and potential for upgrades. It’s better to invest in quality devices that will last and can adapt to your business’s growing needs.
Software is the brain behind your business operations, so choosing the right tools is critical. Here are some key software categories to consider:
“Software solutions should be designed to grow with your business,” Hayden says.
“Whether you’re just starting or looking to scale, you need a suite of tools that integrate seamlessly with your operations, from accounting and payroll to CRM.
“The goal should always be to simplify your tech stack, so you can focus on what you do best — running your business.”
As your business grows, your technology needs will evolve. It’s important to choose tech solutions that can scale with you.
This means selecting software that can handle an increasing volume of data, users, and transactions without compromising performance.
When evaluating software, look for features like customisable workflows, the ability to add new users, and robust reporting tools. For hardware, consider devices that can be upgraded with additional memory or storage as needed.
“Scalability is key for SMEs that are planning for growth,” Hayden says.
“Your tech solutions should be designed to scale with your business. Whether you’re expanding your team or entering new markets, by choosing scalable technology, you ensure that your systems won’t hold you back as your business grows.”
One of the biggest challenges in adopting new technology is ensuring that all your systems work together seamlessly. Integration is critical to avoid data silos and ensure that information flows smoothly between different tools and platforms.
When selecting software, consider how well it integrates with your existing systems. For example, if you’re using MYOB for accounting, you might want to choose a CRM or POS system that integrates directly with MYOB to streamline your operations.
“Integration is often overlooked but is crucial for maintaining efficiency,” Hayden says.
“Good digital integrations are designed to combine easily with a wide range of software and hardware, ensuring that all your systems work together harmoniously. This reduces the risk of errors and saves time by automating data entry across platforms.”
In today’s digital age, cybersecurity should be a top priority for every small business.
With increasing threats like data breaches and ransomware, it’s essential to choose technology solutions that offer robust security features.
When evaluating tech options, look for software that includes encryption, two-factor authentication, and regular security updates.
For hardware, ensure that devices are equipped with security features like biometric authentication or secure boot processes.
“Cybersecurity is a critical concern for SMEs, and should be taken seriously at all times,” Hayden says.
“Your software solutions should all be built with security in mind, offering features like encryption and regular updates to protect your data. You should also be able to access resources to help you understand best practices for keeping your information safe.”
Choosing the right technology for your small business doesn’t have to be daunting.
By understanding your needs, setting a budget, and focusing on scalability, integration, and security, you can make informed decisions that will support your business now and in the future.
Remember, the goal is to select technology that simplifies your operations, enhances productivity, and prepares you for growth. Whether you’re choosing hardware or software, the right tools can make all the difference in achieving your business goals.
“We’re committed to helping SMEs navigate the complex world of business technology,” Hayden says.
“Our products are designed to be user-friendly, scalable, and secure, so you can focus on growing your business. And we’re always here to support you every step of the way.”
Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.